Facebook logo
Facebook logo
Facebook logo
Facebook logo

Latest Headlines

Asset Servicing Times home | Alfi reveals how to service Islamic funds in Luxembourg ← You are here

[close]
Latest News
Axiom SL and aosphere pair up on disclosure solution
26 August 2016 | London
AxiomSL has launched a new shareholding disclosure service using content from aosphere LLP, an online legal services provider... Read more

Sibos Big Issue speaker announced
26 August 2016 | Geneva
Ginni Rometty, chair and CEO of IBM, will be the keynote speaker for the Wednesday Big Issue Debate at Sibos 2016, with a talk on cognitive business and the future of finance... Read more

For more news visit our news section

Upcoming events
FundForum Africa
Date: 14-16 September 2016
Location: London
Find out more

ALFI Global Distirbution Conference
Date: 20 - 21 September 2016
Location: Luxembourg
Find out more

For more events visit our event section
Industry recruitment
Head of Business Development
Recruiter: HornbyChapman Ltd
Location: Ireland or London
Find out more

Investor Services Internal Audit - Associate/AVP
Recruiter: Bruin
Location: Canary Wharf
Find out more

For more jobs visit our recruitment section
Asset Servicing Times
View the latest issues online now

Sister publications
Securities Lending Times
www.securitieslendingtimes.com

Captive Insurance Times
www.captiveinsurancetimes.com

Real Estate Investment Times
www.realestateinvestmenttimes.com

Media pack [download]
Ad specs [download]
Latest features
Winds of change
Feature: The world of financial services is in flux, but between Brexit, regulatory change, and ever-changing consumer expectations, there could be opportunities for asset managers, says Henry Hilska of VirtusaPolaris Read more

Brazil
Country profile: Brazil is hogging the limelight from its South American neighbours. But, although reforms are in full swing, there is still work to be done Read more

Murray Pozmanter :: DTCC
Interview: Murray Pozmanter, managing director of DTCC and head of clearing agency services and global operations and client services, explains how collaborating on distributed ledger technology can ultimately reduce risk Read more

For more features visit our features section
Latest news
More news
Asset Servicing Times image
Alfi reveals how to service Islamic funds in Luxembourg
11 December 2012 | Luxembourg | Reporter: Georgina Lavers
The Association of the Luxembourg Fund Industry (ALFI) published a collection of best practices for setting-up and servicing Islamic funds to provide a greater level of understanding of a growing market sector.

Marc Saluzzi, chairman of ALFI, said: “2012 has been a very active year for the Luxembourg Islamic finance community with several new Shariah-compliant funds launched. Luxembourg currently ranks No. 5 worldwide and first in Europe in the number of Shariah-compliant domiciled funds, at 41 funds with €4 billion in assets under management."

The best practices also give a high level indication of whether Islamic finance instruments are compatible with Luxembourg UCITS laws. A number of Shariah-compliant funds have adopted the UCITS structure, given the focus on investor protection of UCITS funds and the fact that UCITS funds have rigorous investment policies that accommodate the principles underlying Islamic finance.

Saluzzi continued: “Setting-up a Shariah-compliant UCITS fund in Luxembourg, opens the doors of the more than 70 countries around the world in which Luxembourg UCITS funds are currently distributed."

“There are also a number of Shariah-compliant private equity and real estate structures established in Luxembourg and the European distribution passport created by the AIFM Directive will offer new opportunities for these products.”

In January 2010, the Luxembourg direct tax authority published a circular on Islamic finance, clarifying the tax treatment of murabaha contracts and sukuk transactions. This was followed, in June 2010, by a circular from the indirect tax authority clarifying the treatment of murabaha and ijara contracts.



Axiom SL and aosphere pair up on disclosure solution
AxiomSL has launched a new shareholding disclosure service using content from aosphere LLP, an onlin Read more

Sibos Big Issue speaker announced
Ginni Rometty, chair and CEO of IBM, will be the keynote speaker for the Wednesday Big Issue Debate Read more

DNB and Nordea combine forces for Baltics
Nordea and DNB are set to combine their operations in Estonia, Latvia and Lithuania in a bid to crea Read more

J.P. Morgan wins super mandate
J.P. Morgan has been selected to provide custody and fund services for Australian superannuation fun Read more

Hong Kong REIT reaches new horizons
New Century REIT has acquired Holiday Inn in Eindhoven, the Netherlands... Read more

Asset Servicing Times site map
Home
Home

Sitemap

Issue archive
Back issues online
Recruitment
Recruitment
Events and Training
Upcoming events

Upcoming training

Company info
About us

Contact us


Copyright (C) 2013 Black Knight Media Ltd. All rights reserved. No reproduction without prior authorization
[close]
Never miss an issue again
Subscribe to Asset Servicing Times - Get it delivered straight to your inbox
We need to know you are not a ROBOT. Please type HUMAN in the box below and continue to fill in the rest of the form